By Kerry Lutz
I have many fond memories of the Twin Towers: drinks at Windows on the World and time spent looking out from the Observatory. The rebuilding is well underway, but it's thirteen years later and lower Manhattan is still a slow moving labyrinth of street construction and security stops. The Freedom Tower is nearing completion. We received a private tour of the memorial and a close-up of the new buildings.
In the years since 9/11, the neighborhood around the Trade Center (financial district) has evolved, independent of government intervention. Once the financial hub of the free world, it is now a major residential center. Many of financial firms once located there either folded after the 2008 crash or had the good sense to flee the outrageous New York City tax burden. For them, there's no reason to be downtown any longer. The stock exchanges are just Hollywood backdrops; the real trading takes place electronically in New Jersey. Can you spell Flash Boys?
So did we really need another WTC? Most decidedly not! That land was and is extremely valuable and the market would have found a higher and better use for it. Now we'll never know what might have been. That's just the way things go in the workers' paradise called New York City. [more...]
Kerry Lutz is an expert on the economy and the author of Forget Wall Street, Go for the Gold (and Silver Too). He is a radio talk show host on WBZT in West Palm Beach, Florida. His Triple Lutz Report was an instant hit and continues to increase audience share.